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Buying a property in Ibiza with a mortgage
If you need a mortgage to assist you in buying a property in Ibiza, before even going to the bank, you need to make sure to have all your pay slips and tax declarations in order.
This is a key aspect, as the Spanish bank will need proof of all your earnings from your country of residence.
There are some advantages with regards to applying for a loan in Ibiza, as in general the Spanish banks are much more willing to lend now than before.
Furthermore, there are lower interest rates and it’s easier to get out of agreements that aren’t working.
Moreover, Spain offers non-resident investors commission-free deals on large international bank transfers and makes organising tax payments much easier.
Mortgages are available through Spanish banks for non-residents for a length between 5 and 25 years. If you are a Spanish resident, then you can get a mortgage for up to 30 years.
Many banks pride themselves on having English speaking staff to help clients throughout the mortgage process, but if this is not the case, your can work directly with us on this and we can assist you with negotiations and any language barrier issues.
The bank will also provide a “Tasador” – a person who will evaluate the property independently and arrange all the necessary insurances.
Generally speaking, the client needs to have a deposit amount of minimum 30 – 40% of the purchase price of the Ibiza property for sale, plus must also have further funds to cover the taxes and expenses involved in the purchase – if you want to know more about costs related to buying a property in Ibiza, in a previous post “the real costs related to buying a property in Ibiza“ we explain step-by-step, the additional costs that you need to take into consideration during the purchasing process.
The rules around mortgage lending have tightened somewhat since the crash in 2008, making it all the more important to ensure that your lawyer has included an exit clause within the purchase contract, so that you can cancel the agreement if the mortgage falls through.
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